(a) Any member who has served 20 years as an
"eligible firefighter" or "eligible rescue squad worker" in
the State of North Carolina, as provided in G.S. 58-86-25 and G.S. 58-86-30,
and who has attained the age of 55 years is entitled to be paid a monthly
pension from this fund. The monthly pension shall be in the amount of one
hundred seventy dollars ($170.00) per month. Any retired firefighter receiving
a pension shall, effective July 1, 2008, receive a pension of one hundred
seventy dollars ($170.00) per month.

(b) Members shall pay ten dollars ($10.00) per month
as required by G.S. 58-86-35 and G.S. 58-86-40 for a period of no
longer than 20 years. No "eligible rescue squad member" shall receive
a pension prior to July 1, 1983.

(c) A member who is totally and permanently disabled
while in the discharge of the member's official duties as a result of bodily
injuries sustained or as a result of extreme exercise or extreme activity
experienced in the course and scope of those official duties and who leaves the
fire or rescue squad service because of this disability shall be entitled to be
paid from the fund a monthly benefit in an amount of one hundred seventy
dollars ($170.00) per month beginning the first month after the member's fifty-fifth
birthday. All applications for disability are subject to the approval of the
board who may appoint physicians to examine and evaluate the disabled member
prior to approval of the application, and annually thereafter. Any disabled
member shall not be required to make the monthly payment of ten dollars
($10.00) as required by G.S. 58-86-35 and G.S. 58-86-40.

(d) A member who is totally and permanently disabled
for any cause, other than line of duty, who leaves the fire or rescue squad
service because of this disability and who has at least 10 years of service
with the pension fund, may be permitted to continue making a monthly
contribution of ten dollars ($10.00) to the fund until the member has made
contributions for a total of 240 months. The member shall upon attaining the
age of 55 years be entitled to receive a pension as provided by this section.
All applications for disability are subject to the approval of the board who
may appoint physicians to examine and evaluate the disabled member prior to
approval of the application and annually thereafter.

(d1) Benefits shall be paid in the following manner when
a member is killed in the line of duty and the requirements of Article 12A of
Chapter 143 of the General Statutes are met:

(1) If the member had been receiving a monthly pension
fund benefit prior to being killed in the line of duty, there shall be paid to
the member's principal beneficiary, if only one principal beneficiary is
eligible and has not accepted a return of contributions, an amount of one
hundred seventy dollars ($170.00) per month beginning the month following the
member's month of death, payable until the beneficiary's death.

(2) If the member had been receiving a monthly pension
fund benefit prior to being killed in the line of duty and the beneficiary is
not payable as described in subdivision (1) of this subsection, a lump sum
payment equal to the difference between the amount paid into the member's
separate account by or on behalf of the member and the amount received by the
member as a pensioner will be paid to the eligible beneficiaries, or if there
are no eligible beneficiaries, shall be paid to the member's estate.

(3) If the member had not yet begun receiving a monthly
benefit prior to being killed in the line of duty, there shall be paid to the
member's principal beneficiary, if only one principal beneficiary is eligible
and has not accepted a return of contributions, an amount of one hundred
seventy dollars ($170.00) per month beginning the month following the month the
member would have attained age 55, or if the member had already attained age
55, beginning the month following the member's month of death, payable until
the beneficiary's death.

(4) If the member had not begun receiving a monthly
benefit prior to being killed in the line of duty and the beneficiary is not
payable as described in subdivision (3) of this subsection, a lump sum payment
equal to the member's contributions will be paid to the eligible beneficiaries,
or if there are no eligible beneficiaries, a return of the contributions shall
be paid to the member's estate.

A beneficiary under this subsection shall not be required to
make the monthly payment of ten dollars ($10.00) as required by G.S. 58-86-35
and G.S. 58-86-40 after the member has been killed in the line of duty.

(e) A member who, because the member's residence is
annexed by a city under Part 2 or Part 3 of Article 4A of Chapter 160A of the
General Statutes, or whose department is closed because of an annexation by a
city under Part 2 or Part 3 of Article 4A of Chapter 160A of the General
Statutes, or whose volunteer department is taken over by a city or county, and
because of such annexation or takeover is unable to perform as a firefighter or
rescue squad worker of any status, and if the member has at least 10 years of
service with the pension fund, may be permitted to continue making a monthly
contribution of ten dollars ($10.00) to the fund until the member has made
contributions for a total of 240 months. The member upon attaining the age of
55 years and completion of such contributions shall be entitled to receive a
pension as provided by this section. Any application to make monthly contributions
under this section shall be subject to a finding of eligibility by the Board of
Trustees upon application of the member.